Navigating the New Economic Realities: Advice for Law Students

In order to successfully navigate the new realities of law, students must be vigilant of the latest trends and be able to adapt quickly to them. Although new associates will not be able to alter the politics, structures, and dynamics in firms, they can do their best to avoid firms that are not taking actions in these associates best interests. One way for law students to accomplish this is through the recruiting process. It is well known that firms take great pains to withhold information that might put them in a bad light or differentiate them from their peers. The onus is on law students more than ever to do their due diligence on potential employers. Important questions to glean from a firm should be: how much the firm has grown in the last five years, how leveraged is the firm, what practice areas are most profitable, is the firm portfolio diversified amongst clients and industries, and promotion and compensation policies. These questions could give indications of the true financial health of the firm. Just as interviewers probe students for answers, students must try to attain information from their potential employers as well. However, it would be wise to wait until an offer is extended to begin asking the most direct questions. Alternatively, it may also be beneficial to speak with associates that have been with the firm for several years. One career counselor even suggested that, "I counsel students to pay very careful attention to the mood exhibited by associates they interview with-especially associates with a few years under their belts."

            Another way students can learn about a firm is through the alumni network. Contacting alumni can allay the conflicts of asking tough questions of the individual who is making the hiring decision. This way, students can utilize alternative channels and not feel uncomfortable while getting a more unvarnished perspective.

To avoid recent pitfalls in legal service demand, law students may consider focusing on bankruptcy and litigation. Although these fields have suffered along with all other legal arenas, they have proven to be relatively resilient in economic down cycles and thus may provide a higher degree of job security. (Thomas Fernandez, Fearing Recession, Law Firms Tighten Belts, The New York Sun, January 22, 2008 at 2.)

Due to the lack of big firm hiring, students might benefit from pursuing jobs at mid-size firms. Some of these firms are hiring as they attempt to pull in top talent they would normally not have access to. For example, Morrison Cohen, a mid-size firm based out of New York recently hired 20 attorneys. Morrison Cohen's corporate practice has actually grown because middle market deals have not been as diminished by the debt crisis. (Fernandez at 2.)

An additional solution that may be helpful for students is to request for schools to move their recruiting a year or at least a season forward. Recruiting associates two years in advance of graduation has resulted in deferrals and rescissions because of the difficulty of evaluating staffing needs that far off into the time horizon. To mitigate this problem, Vinson and Elkins drafted a plan asking schools to move recruiting forward, but unfortunately the plan was met with great resistance. Because law schools depend on job placement statistics for law school rankings, no school wants to be left behind in the recruiting rat race. Students could wage a campaign to persuade law school deans to form a pact to move recruiting dates forward. Students should be encouraged to write op-eds in student newspapers, start Facebook groups, use social media to gain attention, and even organize hosting a day of protest. One idea would be to wear t-shirts, or pins, or even a national skip class day. This would ensure media attention and acknowledgment by the deans.